Crypto Exchange Coinbase Sued Over Patent Infringement

Coinbase Global (COIN) is being sued by Veritaseum Capital LLC, which alleges that the crypto exchange has infringed on a patent awarded to Veritaseum founder Reggie Middleton.

According to Veritaseum, Coinbase has used the patent for some of its blockchain infrastructure, and the company is seeking at least $350 million in damages.

Coinbase didn’t immediately respond to CoinDesk’s request for comment Friday.

Middleton and Veritaseum in 2019 settled a case with the U.S. Securities and Exchange Commission (SEC), paying nearly $9.5 million over charges surrounding the initial coin offering (ICO) for the company's VERI token.

The lawsuit was filed on Thursday in U.S. District Court in Delaware. Reuters first reported the news on Friday afternoon.

Read more: Reggie Middleton Reaches $9.5 Million SEC Settlement Over Alleged ICO Fraud